May’s inflation clocks in at 1.4%, Kicillof announces

Economy Minister Axel Kicillof (file photo).

The price index elaborated by the INDEC statistics bureau revealed an inflation rate of 1.4 percent for May, Economy Minister Axel Kicillof said during a press conference held at the Ministry of Economy, in Buenos Aires City.

Kicillof highlighted the price drops in foods and beverages, and criticized the hike registered in medicines and generic drugs.

“The case of generic drugs is an important one, as people are captive consumers, and we also had negotiated maximum prices for those products. Some businessmen have clearly violated the negotiation,” he explained.

The Economy Minister also blasted the “Congress index”, manufactured by opposition political referents, which said May’s inflation rate was 2.3%.

“That index is unprofessional,” said Kicillof, and praised the new INDEC elaborated index, which has been Okayed by IMF’s Christine Lagarde.